U.S. pushes for Ukraine aid, united front against China's trade practices at G7 finance meeting
The U.S. is seeking to build support for squeezing more money for Ukraine out of frozen Russian assets as finance ministers from the Group of Seven rich democracies open a two-day meeting Another key topic pushed by U.S. Treasury Secretary Janet Yellen will be building a united front against China’s subsidies for solar panels and electric cars
FRANKFURT, Germany (AP) — The U.S. sought to build support for squeezing more money for Ukraine out of frozen Russian assets and for uniting against China’s aggressive trade practices as finance ministers from the Group of Seven rich democracies opened a two-day meeting on Friday on the shores of northern Italy’s scenic Lago Maggiore.
U.S. Treasury Secretary Janet Yellen is pushing at the meeting in Stresa for “more ambitious options” to unlock money from some $260 billion in Russian central bank reserves frozen in Europe and the U.S. after the Feb. 24, 2022, invasion. Aid for Ukraine has become more urgent as Kyiv’s finances look shakier against the prospect of an even longer conflict, and as Russia steps up its destruction of civilian infrastructure such as power stations.
Proposals include borrowing against the future interest income from the frozen assets, so that Ukraine could be given as much as $50 billion immediately.
